paribas' view, b.n.p. paribas' strategy. would say unfortunately we have had to show it, but we have done it, and that will be a key element in the competition. francine: you have also done very well in fixed income trading. how will that translate into bonuses, mr. lemierre? see. oh, that, we shall this is not a decision for now. these are decisions which will be taken at the beginning of next year when we know what is don't sellou know, the skin of the bear before killing the bear. you have to be very careful in these matters. moreover, i think we need to take a fair approach with the people who have done the job in an excellent way, in difficult circumstances. but we need also to understand that a degree of moderation and wise attitude is needed. but these decisions will be taken, i think, bank by bank later, at the beginning of next year. francine: would your caution also apply to the markets? do we have to be a bit more, you know, do markets have to be less exuberant? we are not exactly sure when, you know, a good chunk

bnp paribas beats.eo struck a bullish tone on the numbers. >> the bottom line stands at -2% versus a year ago. if you look at 9% -- at nine months it basically is the head start in the outlook for 2020. paribas to is bnp the beat in the oil market, to aramco. their profits net quarter drops. it is down from 79.8 billion riyals. dividend, this is the critical point. this was the promise made by the saudi's to the market. dividend, 18.70 5 billion. i think we are still on track. i need to double check we are still on track for $75 billion this year. this is the important number. you have the capex number? flow fromcash operating activities, 18.8 billion. capital expenditures, six point 4 billion u.s. dollars. as you say, the dividend, crucial for aramco. they are maintaining that dividend and that is key for the kingdom. low oil prices weighing on every oil major. everyone started to hurt. you saw that yesterday with the russian energy minister. we have results from bayer, a adjusted ebit tha. a miss goin

laura: bnp paribas is benefiting from volatile markets.ates -- its trading beat estimates. it has bounced back more quickly than its french rival. it is placing 50% of its reserves. accountsrowth in new slowed in the third quarter after a strong pace in the first six months of the year. the company has been a big winner in the pandemic with shares surging more than 70%. apples 15 year relationship with intel will be unwinding next year -- next week. its supply are ramping up production of the new laptops. that is your bloomberg business flash. anna: laura wright in london with your business flash. setng up, which assets are to move the most on election results? we will put that question to kristine aquino. she joins us next. this is bloomberg. ♪ >> how are you guys feeling? [cheering] 2020.e here to say maga >> now is your chance to vote against donald trump. >> do not vote for sleepy joe. >> vote for joe. he is a good person. endorsing the presidential candidates on the last day of campaigning. today is the election itself. do not miss ou

believe they would -- but we at bnp paribas deliver they will -- we at bnp paribas believe they will three months of cuts, and it gives flex ability to reassess options in q2. as usual, there will be debate, but given what we heard from opec and saudi in particular, i think it is time for opec+ to be proactive and adjust to market circumstances. jonathan: given how powerful the forces are ahead of 2021, how important is this agreement as far as your outlook for next year is concerned? ofry: opec+ is facing a bit a dichotomy when it comes to oil demand, and particular in china, , increasing demand in korea. in the west, u.s., europe, demand is stuttering. i think what opec needs to do is get over the q1 hurdle in terms of demand weakness in western oecd economies, and that takes us over to q2 which we start having wider distribution of a covid vaccine, and onwards i think they could progressively begin to increase production again. so it is getting over that q1 hurdle that is going to be important for the market, and after that reassess at the next ministerial meeting in 20 when he wo

the bnp paribas chief economist staying with us. coming up, the u.k.conomy expanded the most on record in the third quarter. we look at the path ahead. we will talk fiscal as we were right -- rightly alerted to dubai william. this is bloomberg. ♪ ♪ anna: welcome back to the european market open. 23 minutes past 7:00 in london. yesterday, a mixed picture. u.s. tech stocks doing very well. europe moves higher. we will retreat at the start of the european equity trading. future suggest we will be a touch weaker. the u.k. economy expanded the most on record. that rebound has been derailed by increase in virus cases. september saw the slowest growth in the u.k. since april. bnp paribas chief economist is still with us. a question on the u.k.. we've had data out this morning which gives us the scale of the rebound we saw in the third quarter. it raised many questions about where we go in the fourth. the fiscal support that we've seen from the government has been very focused around the furlough scheme. now extended to march. was that a big game changer for y

that was bnp paribas chairman. coming up, new data shows china is likely to miss its trade targets.will have the details of that story coming up. this is bloomberg. ♪ of u.s.hina's purchases goods under the phase one trade deal slowed significantly last month. stephen engle joins us from hong kong. what does the data show us? monthlykind of data has surges and pullbacks, obviously. there are lots of variables that go into it. we have the coronavirus pandemic that has crimped demand in various parts of the chinese economy, although they are widely believed to be rebounding better than the rest of the world. and then there is the uncertainty of what is happening in washington. whether this phase one trade deal holds a lot of water under a biden administration. what will a biden administration do to keep these various tariffs? we have to look at the data, right? dataok at the bloomberg and it shows a very stark drop -- after septembers surge september's surge. we saw a drop off in october. in particular, energy products, crude oil imports into china. under the phase one trade deal, chi

tom: before the data check, jonathan browning reporting with his team on bnp paribas. when you run a hedge fund business, it is called prime brokerage. deutsche bank jenna sink prime brokerage. bloomberg has learned that bnp paribas in that transaction with deutsche bank is being scrutinized. that's the language we are using, "scrutinized," by french regulators over a fee to a middleman. this involves a former goldman sachs banker. i asked mr. -- you could have asked mr. gnode about that. that would have made him happy. what does it mean when we scrutinize? francine: it means that, you know, innocent until proven guilty, but certainly looks like an investigation, tom. right? tom: yeah. francine: if it's the french regulators, i guess we have to wait and see. i know our reporters will call to try and figure out if there is anything more. we will know certainly from the regulators and a couple of weeks what that report found. could be nothing, could be significant. some of the biggest things start from nothing and become big. others, we never really hear about, tom. tom:

dan katzive of bnp paribas. seen huge outperformance in the european equity market. 4%.nasdaq is down almost europeand point is if equities outperform against the backdrop of improving cyclical appetite, you would expect the dollar to fall away against that move. we have not seen that. tom: we have been wrong on that for a year. i wouldy, the dollar -- say the correlation on the equity markets today is more normal than what we have seen the last couple days. futures up 26. dow futures, 176. nasdaq 100, 142. jon, do you celebrate thanksgiving in the united kingdom? jonathan: we do not, but i will for you. i am a minded on the u.s. calendar that you may not be at work that day. tom: do they do the turkey thing? and the: as an american united kingdom, you might celebrate thanksgiving. are you cooking this year? tom: i am cooking this year. we had a massive battle last night. divorce almost ensued. jon, i am not cooking. i am mailing it in. it is coming in. i sit in the kitchen and the boxes come in, and i take the

paribas saying there is a light at the and of the tunnel but be careful.agree with that sentiment? was the you make of the rotation that started on the ninth with the pfizer news, but has gripped markets ever since? >> i guess it is time to be prevent. there are restrictions the remain in place in france for the foreseeable future and also going into the holiday season. we are looking to a holiday period which will still be interesting in many ways even if the vaccine offers some light at the end of the tunnel. in this context, it is too early to call for the start of the great rotation. if anything the movement in the market today gives an idea of what to expect in the coming months. we had a significant rebound of value stocks in the last couple of weeks. we find it relevant from the cyclical perspective, a structural headwind for a big sector, i am value talking about the energy sector that you just mentioned the spanish company moving to renewable, but really the energy sector, the traditional energy sector will struggle in the coming months and years

business and we'll become billionaires jarron mar take, have a great thanksgiving >>> still on deck, bnp paribasaking down the markets love/hate relationship with faang, sectors to play in a red hot market with dow over 30,000. futures off a tad right now. businesses today are looking to tomorrow. adapting. innovating. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide. forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business. at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. . >>> let's get a check on the oth

bnp paribas amongst those out with results earlier. french bank joining peers with a big trading beat. cfo about what the second lockdown across europe could mean for his business. >> if you look at the lockdowns being announced this week, and compare them to what we saw earlier in the year, they are quite different. it looks like the authorities have learned their lessons, so we should look at it like basically, the authorities themselves keep on going. construction can continue. moreover, if you look at many factoring can continue, and the services -- at manufacturing can continue, and the services industry has learned and is equipped to continue working from home and the like. so the impact will be different. of course, there will be an impact, but it will be different in nature than what we saw previously. on top of that, all of the authorities have stepped up the efforts they have done to support the economy. they are rolling out new things in europe. look at france. they have stepped up to 15 billion additional amounts of support

now with the markets, mark howard joins us, bnp paribas specialist. i want to go right to the mathematics you studied years ago. there's a thing called a jump condition. as that what we are in right now? ork: whether it is a jump just a surge of de-risking of hedges, it is definitely a volatile warning. you got a number of narratives that play. people are looking beyond the bottom of the virus. until you have a vaccine, you couldn't really look beyond the bottom, but if we get more data like visors and good results out of moderna cash for data like --zer's and good results more data like pfizer's and good results out of moderna, that could change. last week we saw global players pivoting on the election, and we saw retail and investors pivoting. he saw that in the etf flows and in the tech space. we did not see the major institutions. we did not see the major hedge funds because there was still around theainty virus, which was clearly spiking. now those players are likely to pile in and readjust, especially because of the seasonals, and that is what i

arlo of bnp dan paribas had to say. >> what i am concerned is that of january 20, there is no clear picturethe president of the united states is, and trump show up claiming they are the legitimate president. the obligations of something like that are so unfathomably profound that it is hard not to believe that will have a pretty dramatic effect upon our kits and the economy -- upon markets and the economy. jonathan: that has been the fear of this market for the past several months, but it has been a pendulum. tom: greg valliere publishing moments ago suggesting a "light blue wave." i'm not sure what that means, but we will go with it. futures up 41. a joy on this election day to have luis alexander with us, of stanford -- to have lewis alexander with us, of stanford and yale university. is theyour measured note reality of a president biden or president trump, which is there are two america's. there seems to be an america still prospering, and the angst, the anxiety of so many other people. how does any new president in the next term apply policy to two americas? lewis: you are right, there

using up, bnp paribas gives an outlook. the open in seoul and tokyo almost upon us.- i'm doug hirsch. you may already know that goodrx can help you save up to 80% on your prescriptions. unfortunately, many americans can't get to a doctor right now. the good news is that for many health issues, you can see a doctor online. it's easy. just go to goodrx.com, and with a few clicks, you'll be treated by a licensed medical professional, all from the comfort of your own home. visits are confidential and affordable. need a prescription? your doctor can send it to your pharmacy or have it mailed to you. get the healthcare you deserve at goodrx.com. >> a very good morning. asia's major markets have just opened trade. >> welcome to "daybreak asia. u.s. futures under pressure. asian stocks look steady. test on wall street. fell in new york despite a booming start as china tightens scrutiny of its internet giant. amazon lower on antitrust complaints from the eu. we will have the latest from the vaccine as the u.s. reports record coronavirus cases. covid-19 making a return to citi

the bnp paribas are chairman said a vaccine means life at the end of the title, but there are plentythe current challenges facing the banking industry. shareholders do wish to have a dividend decision, normally they allocate capital to the bank. we use the capital to put in the bank, and they want to be rewarded if it is possible. given byhe decision the ecb has been broadly understood at springtime. there was a high level of uncertainty. nobody knew exactly what was going to happen, and even if it came as a big surprise, it was out of the negative news the covid crisis. but to a large extent, investors them have most of understood, you see what i mean. the question is the decision that's going to be made by the ecb, the recommendation they will give in december. i think today we are still in difficulties. there is a second wave of contagion everywhere in europe in the world. there are difficulties, lockdowns, and the reopening of the business is moving forward, but there are still many difficulties. i think there is still a level of difficulties, but i think there is more certainty.